Don't forget their farmin might be void if - Quote "..Drilling Program commencing before 31 August 2008" - doesn't happen. The deed documents are abit vague but i think that's the general idea? ... so how do you define "drilling program commencing"? Clearing the land for the pad, would that be considered satifactory to forfill the agreement??????
If Farmin void then ARQ reclaims most equity I think, so big incentive for ARQ to do nothing!
270 MMBLS is probably a P10, 30-50MMBLs rec is still a gold mine. depends on flow rates and as you said, it's high risk.
Bg.
ARQ Price at posting:
0.0¢ Sentiment: None Disclosure: Held
